Vancouver, British Columbia, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The Global Oncology Informatics Market is forecast to be worth USD 8.01 Billion by 2027, according to the current analysis by Emergen Research. The market for oncology informatics is driven by the growing adoption of oncology electronic health records (EHRs), focus on the reduction of medical errors, and the rise in the cost of cancer.
Support from the government to encourage the development of cancer therapies and a surge in the trend of lower medical cost and readmission rates will foster market growth. The several benefits associated with the OIS over the traditional recording methods will augment the demand for the product.
Advances in informatics methodologies and tools have boosted the development of radiation and surgical oncology, in image processing for radiologic treatment and diagnostics, and in data analysis for follow-up assessment. They have increased the efficiency and the survival rates of oncological procedures, which improves the quality of life among cancer patients.
Oncology has undergone massive progress with advanced technologies in cancer stem cells, genomic analyses, targeted molecular therapies, and individually tailored immunotherapy. These advances have developed the tools available to fight against cancer.
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Key Highlights From The Report
- In October 2020, Vidence, an oncology informatics company, selected the 2bPrecise platform to make it easier for its patients to unlock the true strength of genomic data at the point of care and facilitate the development of precision oncology.
- A clinical decision support system (CDSS) improves medical decisions with targeted clinical knowledge, patient data, and other health information and to enhance healthcare delivery. It is used at the point-of-care for clinicians to incorporate the knowledge with their information provided by the CDSS.
- Informatics tools are used in health and academic research and development. The cancer research field is witnessing an overwhelming deluge of data which are growing at a massive rate and making it challenging to store, collate, access, exchange, and analyze data to facilitate personalized medicine approaches to cancer treatment and prevention.
- North America held the largest market share for cancer immunotherapy, with 34.8% in the year 2019. The North American market dominated the oncology informatics market owing to technological advancements, such as CRISPR in cancer treatments, changing lifestyles, and the increasing prevalence of cancer.
- Key participants include Elekta AB, Hologic, Inc., Cerner Corporation, F. Hoffmann-La Roche Ltd., Inspirata, Inc., IBM Corporation, Laboratory Corporation of America Holdings, Koninklijke Philips N.V., PerkinElmer, Inc., and McKesson Corporation, among others.
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For the purpose of this report, Emergen Research has segmented the Global Oncology Informatics Market on the basis of type, end-user, and region:
- Type Outlook (Revenue, USD Billion; 2017-2027)
- Population Health Management (PHM)
- Drug Discovery and Development Informatics
- Electronic Health Records (EHRs)
- Clinical Decision Support System (CDSS)
- Image Analytics
- End-User Outlook (Revenue, USD Billion; 2017-2027)
- Life Science Industry
- Academic Institutes and Research Centers
- Pharmaceutical Industry
- Contract Research Organizations (CROs)
- Others (Hospitals and Other Care Facilities)
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
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